Wedbush Ex-Broker Wins $4.3 Million for Lost Business

Wedbush Securities Inc. must pay a former broker $4.3 million in damages and legal fees for business he said he lost because of collateralized mortgage obligations he sold that went bad on clients.

While many mortgage-backed securities plummeted in value after the 2008 financial crisis, those involved in this case soured years earlier, in 2003. Broker Michael Farah left Wedbush in 2005, the same year he filed an arbitration case...